Utah

KeyBank Secures $23.5M for 177-Unit Arcadia Apartments Development in Utah

by Amy Works October 24, 2019

SANDY, UTAH — KeyBank Community Development Lending and Investment (CDLI) has arranged $23.5 million of construction and permanent financing for Arcadia Apartments II, a 177-unit affordable multifamily project in Sandy. The borrower is Salt Lake City-based Wasatch Residential Group, a real estate development, construction, finance and asset management company. Arcadia Apartments II will feature 52 one-bedroom units, 82 two-bedroom apartments and 43 three-bedroom units. The property will be limited to residents making 60 percent or less of the area median income. The asset is adjacent to Arcadia Apartments I and will share access to amenities including a pool, hot tub and fitness center. The project was awarded a 4 percent Low-Income Housing Tax Credit (LIHTC), and Enterprise Community Partners, the equity investor, is providing $15.6 million in LIHTC equity. Additionally, the property was awarded private activity bonds, which were purchased by KeyBank as a private placement. Sarah Geis of KeyBank’s CDLI team arranged the financing.

October 24, 2019

Loans Multifamily Utah Western

Rockworth Cos. Receives Construction Financing for 214-Unit MillPond Apartments in Utah

by Amy Works September 18, 2019

AMERICAN FORK, UTAH — Rockworth Cos. has received an undisclosed amount of construction financing for development of The MillPond Apartments, a multifamily property located in American Fork, a suburb 30 miles south of Salt Lake City. JLL, led by Mike White, arranged the high-stacked, three-year, limited-recourse construction loan for the borrower. Located at 80 N. 1020 West, the $44 million project will feature a 214-unit apartment community comprising 11 three-story buildings with wood-frame construction. Averaging 906 square feet, the one-, two- and three-bedroom units will feature patios or balconies, in-unit washers/dryers, nine-foot ceilings, oversized bathtubs, high-quality cabinetry and luxury wood-style flooring. Community amenities will include a clubhouse with a fitness center, business center, changing rooms, outdoor heated swimming pool with a sun deck, Whirlpool spa, fire pit, barbecue/picnic area, dog park and bike repair facility.

September 18, 2019

Acquisitions Multifamily Utah Western

CBRE Negotiates Sale of 293-Unit The Zeller Apartments in Salt Lake City

by Amy Works August 28, 2019

SALT LAKE CITY — CBRE has arranged the sale of The Zeller, a transit-oriented multifamily development in Salt Lake City. A joint venture partnership between Watt Investment Partners and certain funds managed by Westport Capital Partners sold the property for an undisclosed price. Completed in 2018, The Zeller features 293 apartment units, a 25-meter lap pool and rooftop lounge with a fire pit. Located at 2255 S. 300 East, the mid-rise community was 94 percent occupied at the time of sale. Eli Mills and Patrick Bodnar of CBRE’s Salt Lake City office represented the seller in the transaction. The buyer was not disclosed.

August 28, 2019

Acquisitions Hospitality Utah Western

Columbus Pacific Acquires Ski-in/Ski-out Hyatt Centric Park City in Utah

by Amy Works August 23, 2019

PARK CITY, UTAH — Los Angeles-based Columbus Pacific has purchased Hyatt Centric Park City, a lifestyle hotel located on North Escala Court in Park City, for an undisclosed price. The name of the seller was not released. Situated at the base of Park City Mountain, the ski-in/ski-out property offers 120 deluxe guest rooms plus 85 one-, two-, three- and four-bedroom condominium residences. Accommodations range in size from 680-square-foot studios with kitchenettes to 2,820-square-foot, four-bedroom residences with full kitchens. Resort amenities include a full-service bar; three-meal restaurant; grab-and-go café; 10,000 square feet of indoor and outdoor event space; a fitness center; an outdoor pool with spa; ski valet; kids’ game room area; valet parking service and direct lift; and access to Park City Mountain.

August 23, 2019

Development Industrial Utah Western

Amazon to Open 1 MSF Fulfillment Center in Utah, Adding More Than 800 Employees

by Amy Works August 21, 2019

WEST JORDAN, UTAH — Amazon.com has announced plans to open a new fulfillment center in West Jordan. Seefried Industrial Properties will develop the more than 1 million-square-foot facility. The new fulfillment center will create more than 800 full-time jobs starting at $15 an hour with comprehensive benefits starting on the first day of employment, according to Amazon. The company currently employs more than 2,000 full-time associates throughout Utah. The center will be used to organize, pack and shop large customer items, such as sports equipment, patio furniture, fishing rods, pet food, kayaks, bicycles and larger household goods. Additional development details, including a timeline, have not been released.

August 21, 2019

Acquisitions Multifamily Student Housing Utah Western

Colliers Brokers Sale of Promenade Place Student Housing Asset Near Utah Valley University

by Amy Works August 13, 2019

OREM, UTAH — Colliers International has arranged the sale of Promenade Place, a student housing property located at 875 S. Geneva Road in Orem. Woodbury Corp. sold the asset to a private out-of-state investor. Constructed in 2017, Promenade Place is a transit-oriented, 429-bed student housing property located adjacent to Utah Valley University. While terms of the transaction were not released, the sale is one of the largest student housing transactions in Utah and set a record as the highest price per bed, according to the brokers. Rawley Nielsen, Mark Jensen and Darren Nielsen of Colliers facilitated the deal and represented the seller.

August 13, 2019

Acquisitions Multifamily Utah Western

Olympus Property Acquires 170-Unit Apartment Community in South Jordan, Utah

by Amy Works July 25, 2019

SOUTH JORDAN, UTAH — Olympus Property has purchased Promenade at the District, a Class A multifamily property located at 11391 S. River Heights Drive in South Jordan, for an undisclosed price. Effective immediately, the asset will be renamed Olympus at the District. Built in 2012, the property features 170 apartments, fitness center, eco-friendly/solar-powered units, two swimming pools, sunning decks, a clubhouse featuring a lounge area, televisions, a fireplace and billiards rooms, and two playground areas. Unit amenities include stainless steel appliances, granite countertops, gourmet kitchens, full-size washers and dryers, vaulted ceilings, faux-wood flooring, gas ranges, designer wood cabinets, oversized walk-in closets, 2.5-inch wood-composite blinds, one- and two-car direct-access garages, and front patios in select units. The buyer plans to spend $800,000 on top of the existing finish-outs to enhance the interiors, add minor renovations to the clubhouse, rebrand the property, paint the exterior, update exterior lighting and add a pet park. Interior upgrades will include adding smart-home packages, ceiling fans, vinyl flooring and a lighting package to further increase the value of the asset.

July 25, 2019

Loans Multifamily Seniors Housing Utah Western

Hunt Real Estate Capital Provides $3.7M Refinancing for Assisted Living Property in Utah

by Amy Works July 25, 2019

TREMONTON, UTAH. — Hunt Real Estate Capital had funded a $3.7 million Fannie Mae loan for the refinancing of Our House of Tremonton, a seniors housing property in Tremonton, about 20 miles from the Idaho border. The borrower and property owner is Utah-based SAL Management. Brady Johnson, Andy Kitts and Heath Coryell of Hunt Real Estate Capital originated the deal. Originally built in 1995, the assisted living facility features 28 units. The property recently opened 12 new units after completing a renovation and expansion. The remodel included a complete update to all areas of the building, including resident suites, bathrooms and common areas, as well as adding vaulted ceilings and natural light throughout the front entry, dining room and hallways.

July 25, 2019

Development Office Utah Western

Irvine Investment Co. Begins Construction of 540,000 SF Irvine Office Park in Metro Salt Lake City

by Jeff Shaw July 5, 2019

DRAPER, UTAH — Irvine Investment Co. has started construction of Irvine Office Park in the Salt Lake City suburb of Draper. Upon completion, the 540,000-square-foot park will include three buildings at the intersection of I-15 and Bangerter Highway. Building one will finish completion in early 2020, spanning six stories and 180,000 square feet. Colliers is handling leasing.

July 5, 2019

Acquisitions Civic Utah Western

Mountain Classic Real Estate Buys Historic Brigham Young University Building for Restoration

by Amy Works June 26, 2019

PROVO, UTAH — Mountain Classic Real Estate (MCRE) has purchased Brigham Young University’s Amanda Knight Hall for an undisclosed price. MCRE plans to restore the property to its historical Gothic-style architectural significance. Located at 800 N. University Ave. in Provo, Amanda Knight Hall was constructed in 1939 as a women’s dormitory. The building was used as the first Provo Missionary Training Center, as well as the Church Language Training Mission Center from 1964 to 1976. Since then, the property has served a variety of short-term academic and auxiliary purposes for BYU. Kreg Peterson and David Bauman of CBRE represented the seller, Brigham Young University, in the deal.

June 26, 2019

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